Is your business model well-defined?

(Last revised Apr-2012, Send comments to galatime@gmail.com)

What product/service will you sell, to whom, at what price, by what means, at how much profit, in order to fulfill which need?
That defines a business model.
Too long? Here's a shorter one: How will you make money?

A business model is not the same as a business plan.
It is simply a concise set of entrepreneurial assumptions that constantly get/need a reality check.

While there exist a variety of business models in any industry across the world,
entrepreneurs in India have more options to choose from. These include:

Also relevant to India is (unstable) government regulation such as our annual budgets, price controls, subsidies, etc.
In no time, a viable business model may become worthless, while a new, lucrative one may become feasible.
These risks must be identified - and minimized - when designing a technology venture for India.

Entrepreneurs must define their own business model and iteratively revise it, as they learn from, and adapt to, their markets.
Spend 2 hours/month with your co-founders, management and advisors to update the assumptions in your model.